Malaysia's tin rose further on Wednesday, helped by a higher price of the metal in London and a lack of sellers. Spot tin on the Kuala Lumpur Tin Market ended up $10 at $7,860 a tonne. It has risen $620, or 8.6 percent, since hitting a 9-1/2-month low of $7,240 a tonne last on Thursday. "We expect the market to climb back to $8,000, possibly this week.
Copper is strong at the moment and may support the other metals," a trader said, adding that sellers were holding back in anticipation of a further increase in prices. Dealers noted initial bids for 61 tonnes while offers matched final volume of 51 tonnes.
Buying again came from Japanese, European and local interests. LME tin rose $50 to $7,850 a tonne on Tuesday. The smaller rise in the Malaysian price versus London trimmed the premium for shipping a tonne of tin to Europe by $40 to $230.
The premium calculated using freight, insurance and other financial costs stood at $270 a tonne on Tuesday.